Finally Google and Apple team up for patents
- Dec 11, 2012, 11:56 AM IST
Finally there is one thing for which Google and Apple have come together- it is 1100 patents owned by Kodak.
Yes! A report by Bloomberg recently reported that the company Eastman Kodak, also popularly known as Kodak founded by Sir George Eastman in 1889, in ongoing “bankruptcy”.
Kodak own 1100 patents and the report claims that Google and Apple have come together, in fact partnered to grab their shares of these patents at a price of $500 million.
“When bidding first started, the companies led two separate teams, with Apple's consortium including Microsoft and patent holdings firm Intellectual Ventures, while Google joined up with RPX Corp. and a number of Asian handset manufacturers” says the report. But they have now come together. They have together placed a bid earlier last week. Under the terms of Kodak's $793 million loan agreement, the winning bid for the portfolio must not be lower than $500 million.
Kodak is known for photographic film products and was holding a key position in the market till the most of the 20th century. In 1976 the George Eastman Company had 90 percent market share of photographic film sales in the US.